TJX UK, which operates discount retailer TK Maxx and homewares specialist Homesense, posted a pre-tax profit plunge of 62% to £35.4m in the year to January 28, despite a sales uplift.

Owned by US-based TJX, the retailer delivered a 7% rise in turnover to £1.4bn, while like-for-like sales advanced 1.8%.

Online sales at contributed £11.7m, up on last year’s £7.9m.

In the period, nine TK Maxx stores opened and one closed, totalling 245 stores at the year-end. TJX declined to comment.